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08-05-2024
Mathematics

Answered

5. Let's say you are purchasing a new home for $280,000 with a $30,000 down payment. Your bank
agrees to provide you with a mortgage at a fixed interest
rate of 5% for 30 years. Round all of your
answers to the nearest cent.
a) What is your monthly payment?
b) What is the total amount you will pay over the 30 years on the loan for your new home?
c) How much of part b is interest?
d) How much equity do you have in your house after 196 months?

Answer :

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